How do I become a certified mortgage lender?
The answer depends on your state. Pick yours to see it.
In Montana, a mortgage lender licenses through the Division of Banking and Financial Institutions using NMLS. The license requires a $750 application fee paid through NMLS, a minimum net worth of $250,000 evidenced by financial statements verified by an independent certified public accountant, and a designated manager with 3 years of mortgage loan originator experience. The lender must also carry a surety bond tiered by annual loan volume, from $25,000 up to $100,000, and must license its main office and every branch through NMLS.
Sources: MCA 32-9-117: Fees; MCA 32-9-123: Surety bond requirement; Montana DBFI: Mortgage Loan Originators page.
South Dakota does not certify mortgage lenders; it licenses them. To operate as a mortgage lender, you must obtain a license from the Division of Banking and maintain a unique identifier through NMLS, submit fingerprints for an FBI criminal history check, and authorize a credit report. The initial license fee is capped at $1,000, and you must maintain a surety bond of at least $25,000.
Sources: SDCL Chapter 54-14: Mortgage Lender Business.
Vermont's path is a lender license from the Department of Financial Regulation (DFR), not a certification. The initial application costs $2,100 ($1,000 license fee, $1,000 investigation fee, and $100 NMLS processing fee). The applicant must be licensed and in good standing in its state of domicile, hold liquid assets of $25,000 per license ($50,000 for commercial lending), and post a surety bond of at least $50,000.
Sources: Vermont DFR: Lender license (fees, bond, liquid assets); 8 V.S.A. 2102: Application for license; application and license fees; 8 V.S.A. 2203: Bond; liquid assets required.